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The Ripple and XRP community, along with BNB and Binance ecosystem, have joined forces to advocate for regulatory clarity in the United States, while Coinbase Global stands alongside them. This united front of leading crypto companies, responsible for handling significant daily trading volume, poses a formidable challenge to the legal department of the Securities and Exchange Commission (SEC).
Amidst a surge in demand for cryptocurrencies among the American population, Binance CEO has boldly labeled SEC Chair Gary Gensler as an enemy of the people.
The Crypto Debate Ahead of the 2024 US Elections
As the United States gears up for the 2024 elections, the topic of cryptocurrency is anticipated to be one of the most fiercely debated issues. In the backdrop of mounting inflation, the value of the US dollar has been diminishing, adding fuel to the fire. Notably, senior United States Senator from Massachusetts has been closely collaborating with SEC Chair Gary Gensler in a crackdown on crypto firms, according to a renowned lawyer and advocate for XRP holders, John E Deaton.
Political Agenda or Central Bank Digital Currency (CBDC)?
In a YouTube video, Deaton suggested that the recent lawsuits against crypto companies might be driven by a political agenda. He pointed out that Senator Elizabeth Warren, who has suddenly taken an anti-crypto stance, may have found an ally in her “good friend” Gary Gensler. Deaton further speculated that there could be a push for the introduction of a central bank digital currency (CBDC) or that financial giants like Goldman Sachs and JPMorgan are perturbed by Coinbase’s success.
Criminal Charges Looming for Binance & CZ
In an alarming twist, Deaton raised concerns that the United States Department of Justice (DoJ) might be preparing criminal charges against Binance and its CEO, Changpeng Zhao (CZ). Consequently, Deaton has urged the Democratic political elite to take a stand against Gensler’s actions, which are perceived as an attempt to cripple the crypto market in the United States.
Want to know more about these legal strifes?
Read Here: SEC Sues Coinbase Exchange – Here’s Why – Coinpedia Fintech News and Binance Faces SEC Lawsuit: $700M Withdrawals and Metaverse Tokens Plummet!